GENERAL INTEREST / Royal Bank and Koch trading agreement
ROYAL BANK AND KOCH FORM GLOBAL TRADING ALLIANCE
CALGARY, July 7 /CNW/ - Royal Bank of Canada and Koch Industries Inc. of
the United States, today announced the formation of a strategic alliance that
will enable the two companies to jointly market their respective
energy-related trading and derivatives capabilities to clients both in North
America and overseas.
John Cleghorn, Royal Bank's chairman and chief executive officer, said:
''We're delighted to be allied with Koch. The company has an outstanding
reputation and is a market leader in energy and weather derivative products.
These strengths when combined with our global foreign exchange operations,
market analysis and financial engineering capabilities, make for a strong,
customer-focused relationship and a highly competitive product offering.''
Headquartered in Wichita, Kansas, Koch has been active in Canada's oil
and gas industry through a number of subsidiaries since 1959. It employs
nearly 600 Canadian employees in heavy oil and gas exploration and production,
oil and natural gas marketing, commodity derivatives and the manufacturing of
industrial products. Koch has built its position in Canada by pursuing
opportunities that provide superior products and services to customers
throughout the oil and gas industry.
''Koch looks for strategic alliances that will improve service to our
customers, while providing opportunities to build on our proven
capabilities,'' said Randolph C. Aldridge, president of Koch Canada. ''Royal
Bank has a proven track record as a customer-based source of market
information. This is a natural fit for Koch and we look forward to working
with Royal Bank of Canada to deliver quality, reputable products to our
respective customers.''
Koch Canada is a wholly-owned subsidiary of Koch Industries Inc., the
second-largest privately held company in the U.S., as ranked by Forbes
magazine. Its overall revenue for 1997 exceeded $30 billion. Koch employs more
than 16,000 people around the world with overall revenues for 1997 exceeding
$30 billion. For more information on Koch, refer to Koch's home page at
www.kochind.com on the Internet.
Royal Bank of Canada (RY) is Canada's premier global financial services
group with leading market shares in personal and business banking, corporate
and investment banking, and wealth management. As one of North America's
largest financial institutions, Royal Bank and its subsidiaries have over
50,000 employees who serve 10 million clients through more than 1,500 branches
and offices located in 36 countries. For further information about Royal Bank
Financial Group, refer to its home page at www.royalbank.com on the Internet.
RBC DS Global Markets is the trading arm of the Royal Bank Financial
Group and a division of RBC Dominion Securities, Canada's leading investment
dealer. It trades in all major currency and fixed-income instruments and is
consistently ranked as one of the world's top foreign exchange banks in terms
of both volume of business and quality of service. Daily trading volumes
exceed two per cent of the total global foreign exchange.
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For further information: Paul Wilson, Royal Bank of Canada Tel:
(416) 974-6286, Fax: (416) 974-6023, e mail: paul.j.wilson@royalbank.com;
Tammy Sauer, Koch Industries, Inc. Tel: (403) 716-7773, Fax: (403) 716-7603, e
mail: sauert@kochind.com
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